how to buy a pre foreclosure short sale

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Learn all about short-sales, the hottest topic in today’s investing market, with Short-Sale Pre- Investing: How to Buy "No-Equity" Properties Directly from the Bank — at Huge Discounts.
A short sale is when the property owner owes more on the mortgage than the market value of the property and is asking the bank to accept a short payoff of the loan.
The pre-foreclosure process is when the lender has filed a Notice of Default and that period lasts typically three months in which the borrower must do something to cure the delinquency (payment arrangements, modification, short sale or deed in lieu) or the home will be auctioned.
Some short sale transactions are completed when the seller has not missed a payment.. No missed payments…no pre-foreclosure or foreclosure actions taken.
Foreclosure ? These are bank owned REO properties, the foreclosure process has completed, all notices were done, the courthouse auction took place no one purchased it and the property was return to lender.
If a homeowner is behind on their payments, and the home has eqiuty, it can be sold as a home in pre-foreclosure but it is not a short sale because the proceeds will cover the liens on the property.
In a short sale, the property owner may or may not have missed mortgage payments.
Pre-foreclosure ? Owner is greater than 90 days late on payments and lender has started foreclosure process with a notice of trustee sale.
The so called foreclosure is done once the lender auctions the property at a Trustee or Sheriff Sale depending on the State law.
In this case your Realtor is dealing directly with the bank’s Realtor rather than in a short sale your Realtor would be working with the seller’s agent and the seller’s agent is then dealing with the bank.
A successful Short Sale will be for true market value.  The lender knows what that is because they have the home appraised.  Short-Sales and Low-Ball offers do not play well together.
Agents or friends that tell you to run from pre-foreclosures probably don’t understand the process or had a bad experience with one.  The fact is in the Phoenix Market, pre-foreclosures are the best deals on the market.  Find an agent in your area that specializes in them and you should be fine.  They do take a little longer to close than regular sales, but the wait is normally worth it.
If you have the time and patience and you understand in  most of those sales,  are sold as is sale that the seller will not do any repairs in most cases.
The last short sale I worked on involved several extensions of time for the bank to respond to our offer.
The key to determining if a short sale is right for you is to consider your motivation – time, money or convenience? If you are looking for a quick purchase, a short might not be the right fit for you.
As mentioned Short sales take long time to close compared with traditional sales or REO (bank owned homes) that can close in 30-45 days.
Does the seller qualify for the short sale? Sellers may have assets that prevent a short sale from being approved.
Short sale can get more complicated if you have to deal with more than one lender or if there is HOA etc..There is so much uncertainty until escrow closes.
We don’t know of many real estate attorneys that will go out there and find you a pre-foreclosure or short sale property, negotiate directly with the seller of that home, and then work to get the deal closed.
Depending on where you live, real estate attorneys may charge a higher flat fee or even bill you hourly for work on a financially distressed property — these transactions always take so much more work than a regular home purchase.
In some parts of the country, real estate attorneys are used in all real estate home sales and purchases — not as closing agents but as attorneys for either the buyer or the seller.
In those areas that do not customarily use the services of real estate attorneys, buyers use the services of their real estate agents and the closing agents/attorneys to work through closing.
I did some research on the Internet and learned that while these houses can be good deals, you need a real estate attorney to sort through the paperwork to protect you, the prospective buyer/renter, from having the loan called or assuming months of penalties and back payments or liens.
If you are able to locate a short-sale or pre-foreclosure home of interest, you may want to insist on working with a real estate attorney.
Most of the legwork of finding pre-foreclosure properties is done by homebuyers like yourself, or by real estate agents who specialize in this area.
A: Your question relates to the role of a real estate attorney in the home buying process if you decide to go the pre-foreclosure route.
Real estate attorneys don’t generally work on a percentage basis on these types of transactions.
If you are intent on buying a pre-foreclosure home, you should seek out a good real estate agent.
Remember, a real estate agent gets paid a percentage of the sales price when the deal closes.
Up to $2,500 is available for the discharge of junior liens in a Preforeclosure Sale.  If closing occurs within 90 days of the issuance of the Approval to Participate in the PFS program, the first $1,000 represents the borrower's consideration and the remaining $1,500 is FHA's consideration, for a total of $2,500.
Preforeclosure sales must be between two unrelated parties and be characterized by a selling price and other conditions that would prevail in a typical real estate sales transaction.  Any conflict of interest, appearance of a conflict, or self-dealing by any of the parties to a transaction (borrower, lender, appraiser, purchaser, etc.) is strictly prohibited.  See ML 2008-43.
For the first 30 days of marketing, lenders may only approve offers that will result in minimum Net Sale Proceeds of 88% of the as-is appraised Fair Market Value (FMV).
If settlement occurs after 90 days, the first $750 represents the borrower's consideration and the remaining $1,500 represents FHA's consideration, for a total of $2,250.  See ML 2008-43.
The HUD-1 Settlement Sheet is to be completely filled out, providing both the buyer's and seller's costs and fees.  Neither the buyer nor seller is to receive cash at closing.  The seller, if applicable, may be eligible for the Seller Incentive, but this Incentive is to be reflected on the HUD-1 as a disbursement or credit to the seller, rather than cash.
The Partial Claim amount must be added to the Unpaid Principal Balance and the Accrued Interest amount to correctly calculate total outstanding mortgage indebtedness.  See ML 2008-43.
For the remaining duration of the marketing period, lenders may only approve offers that will result in minimum Net Sale Proceeds of 84% of the as-is appraised FMV.
WRONG!! We were lied to, lost the complete deal, lost all escrow monies (we do know that money was NEVER set aside in escrow), lost everything we put into the home including money to be taken off the purchase sale, they were to report to the Credit Bureaus, never did and didn't inform us until 2 years were up and they knew from the beginning they had to report in order for us to purchase the home, I called 1 year ahead before the end of the Lease and advised we know our credit scores are not up to what they need to be in order to purchase since you didn't report so what is going to happen, are you going to work with us no matter what so we can one day purchase the home? He said I told you I would work with you no matter what, even if that means rewrite the Lease because as far as I'm concerned the house is yours, I don't want anything to do with it, and don't worry you still have another whole year.
Once the property is listed with an agent there may not be as much bargain potential, but you can still possibly negotiate a good deal because you know the owner has a limited amount of time to sell before the bank repossess the property or sells the property at public auction.
If the owner rejects all of your contact attempts, you may still have a chance to purchase the property at public auction, which occurs if the owner doesn’t sell or pay off the amount owed during the pre-foreclosure period.
The basic message you want to communicate to the owner is that you’re interested in buying the property and you want to work out a purchase agreement that benefits both parties.
Another question, when we are trying to get Pre~Approved and/or contact a Realtor why aren't Realtors advising Buyers of the Homes that are going to be Foreclosed on? Why doesn't the Realtor who has listed properties, discuss with the homeowners about these options to save themselves from damaged credit….. Lease To Purchase; Rent To Own; Let a very interested buyer work out a deal with the homeowner to take over payments; etc.
SO… get a realtor, there is nothing to see on realty track, you could try to contact the seller directly but you need a realtor to negotiate the short sale with the bank and list the property on the MLS as this is a requirement, at least in FLorida.
You need to find out as much as you can about the estimated market value of the property, how much is owed on the property and if the owner has any other liens against the property.
Because owners in foreclosure may not have the money to make repairs to their property, you might be willing to buy the property as is, but you still want to keep a tab of estimated repair costs and subtract them from your purchase offer.
All we need is the basic info how to contact the bank or owner, since there is NO MLS listing for the property.
You or your real estate agent should initiate contact with the owner to express your interest in the property.
In most cases, the owner has not listed the property for sale, so you will need to pro-actively contact them.
If the owner has decided to list the property for sale, you can simply contact the listing agent.
A buyer may be able to negotiate lower closing costs, down payments and mortgage rates on a pre-foreclosure property than he would on a traditional sale.
If a buyer possesses basic home repair skills, she has the potential to buy a pre-foreclosure property inexpensively, fix it up and resell the home for a comfortable profit.
With a pre-foreclosure property, a buyer is able to inspect the property before she makes an offer.
By adding desirable amenities and curb appeal to a decent pre-foreclosure home in a nice neighborhood, the buyer can increase the home’s value and resell it at above market value.
A pre-foreclosure property has a delinquent loan and the owner is in imminent danger of losing his home due to foreclosure.
A pre-foreclosure deal occurs between a buyer and a seller, but the lender must approve the buyer’s offer.
If the homeowner has already listed the property for sale, the buyer contacts the listing agent.
Buyers may be able to obtain a pre-foreclosure for 40 percent less than the home’s market value, and the deal would close quicker than would a foreclosure.
The pros and cons of buying a home involved in foreclosure vary with the phase of foreclosure the property is in when purchased.
Use this handy guide to figure out what sort of property is best for you! Also see The Stages and Phases of the Foreclosure Process.
Many buyers associate buying a foreclosure with getting a steal of a deal.
Buying a foreclosed house can mean you get a great deal, but there are some things to watch out for, too.
There are several other benefits to buying foreclosures, whether it’s a short sale or in any other phase of the foreclosure process.
Your best bet is to go into the foreclosure market knowing that while the properties may not be perfect, the end result can be the best for all — a discounted property for you, the investor, and help to a distressed seller.
Richard Geller, CEO of MortgageReliefFormula.com says there’s little risk and can be great rewards if you purchase the property in a short sale.
When a homeowner is delinquent on a mortgage for more than a month and the lender has not heard from the borrower, the lender will often begin the foreclosure process.
“So you may find a foreclosure home without air conditioners, dishwashers — [former homeowners] take the light fixtures — anything they can sell to a pawn shop or to builders,” says Owens.
Despite the words of caution, Owens admits that if you have enough patience and understanding about the foreclosure process, investing in these types of properties could be advantageous.
“You are buying from the bank and properties are definitely reduced in price, let’s say generally below value,” says Owens.
“What you do as an investor is you purchase a property, basically at a certain price, and the property is a short sale.
The homeowner is not getting a dime; it’s all going to the lender in a short sale,” explains Geller.
If no CRM is assigned, they should call 1.800.669.6650. Homeowners are also required to actively participate in the short sale process, including returning documents within the required time frames and maintaining contact with the mortgage servicer.
Take time to educate yourself by viewing the FHA Pre-Foreclosure Sales webinar replay when you visit bankofamerica.com/shortsaleagent and search the Short Sale Process section under Education and Resources.
Bank of America does not begin negotiating the purchase contract until after the homeowner is approved to participate and has returned a signed “wet ink” copy of the ATP within seven days of the date of issuance.
Provide the short sale specialist with the listing agreement, proof that the utilities are on and a current Multiple Listing Service (MLS) sheet.
Lender Reviews the Offer: Depending upon the stage of the short sale, a lender may review an offer for weeks or even months without providing a response to the buyer.
Make an Offer: With a short sale all offers are provided to the seller’s agent, but all conditions of that offer must be approved by the lender.
An agent should, prior to placing an offer on a property, determine what stage of the process a short sale is in.
It is essential to know prior to placing an offer what stage the short sale is in with the bank in order to limit these frustrations.
Negotiation Challenges: Short sale listing agents not only need to negotiate with the buyer and lender, but often there is a second mortgage involved.
Short Sale: Short Sales occur when a seller accepts an offer on their home and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.
Contact a Real Estate Agent: Due to the challenges listed above it is critical to use an agent familiar with the stages and unique requirements of a short sale.
Less Competition: While other buyers may be focusing on outbidding the competition with foreclosure purchases, a patient short sale buyer may have fewer offers to worry about.
There are distinct stages that a short sale must proceed through including having an negotiator assigned, ordering a BPO or appraisal, submitting the offer to an investor, etc.
The primary advantage of a short sale is that a seller typically has more protection against credit score reductions and is typically eligible to purchase a new property more quickly than those experiencing a foreclosure.
Consistent and clear communication with a lender can often be critical in the successful closing of a short sale.
For example, in a short sale or foreclosure situation, lenders rarely agree to pay for pest certifications, roof inspections or other repairs.
Harold Penner is a certified short sale specialist with over 20 years experience in the Fresno and Clovis, California real estate market.
Both companies often have to accept dramatic losses in order for a short sale to close and in some cases the two cannot agree on acceptable conditions.
A lender might accept a short sale with the property worth less than the balance of the mortgage, if the borrower cannot continue to make the monthly loan payment, does not have enough money to pay back the full balance of loan and needs to move out of the property.
These items provide the lender an idea of the buyer’s capability to purchase the property and the extent of the lender’s loss if it approves the short sale with the buyer’s price offer.
A short sale occurs when a property is sold at a price lower than the amount the homeowner owes on the mortgage, and the homeowner’s mortgage lender(s) agrees to the "short" payoff.
The lender needs to verify that the homeowner cannot continue to pay the mortgage and determine if a short sale is better than foreclosing on the property.
In the case of a short sale, the offer may need to be closer to the market value of the property rather than the list price.
"Approved for short sale" means the bank has already determined that the homeowner qualifies for a short sale and has approved the request to sell the property at a reduced price.
Yes, when a seller is uncooperative and slow to gather/submit the required documentation, this may stall the review process.  This sometimes happens when sellers – who know that a short sale can adversely impact their finances – are reluctant to give up their homes.  They may have very little motivation to cooperate.
Aside from "short sale," some key phrases to look for are "subject to bank approval," "preforeclosure," "third-party review required," and "pre-approved by bank" which may indicate that the property is being sold on a short sale.
If a buyer purchases a short sale property at a price that is lower than what the property is appraised for in today’s market, then the buyer enjoys a discount and picks up some equity.
Plus there is a risk that the homeowner will not qualify for a short sale in which case the property will need to be sold at a higher price.
The seller’s mortgage lender needs to thoroughly review a seller’s short sale request.
Homeowners pursue a short sale when they can no longer pay the mortgage, need to move from the property and want to avoid a foreclosure.
"Third-party review required" means the homeowner has not sought approval yet from his/her lender to do a short sale or approval is pending review of the homeowner’s application.
Making an appropriate and timely offer on an "approved for short sale" listing may be a quicker process because the seller no longer needs to be qualified.
Because of the complex nature of a short sale transaction, it is strongly recommended that buyers work with a real estate professional who has a track record in successful short sales.
If the loan was sold to an investor, such as Freddie Mac or Fannie Mae, the investor will have to approve the short sale.  Investors will have their own requirements and review process before they approve a short sale.
Buyers can use an online database, such as a Multiple Listing Service, or consult real estate professionals who have experience in short sale transactions.
Yes, because in a short sale, the mortgage lender will be receiving less than amount the borrower owes on the mortgage.
The property you are talking about may be a short sale (which can also be called a pre-foreclosure) and they keep reducing the price in order to temp someone to make an offer so they can find out what the bank will actually take as a short sale.
Short sale means that the seller is trying to convince the bank to take less than what they owe on the mortgage.
The owner is still in charge…they can rectify the loan, they can sell and come to the table with money, they can work with the bank for a short sale, but they have the final say, not the bank.
It’s a time when a short sale may be more achievable and the property to go at a discounted rate from the mortgage owed on it…not necessarily a great deal.
It tends to mean that the property is in default, i.e. the owner has not made their required mortgage payment, and the property is going to go to a sheriff sale.
Often times a short sale can not be considered or a price determined until a contract is actually presented to the bank.
I’ve been seeing stuff like "pre foreclosure" and "short sale" in some descriptions.
Further, the listing price of a short sale may be an amount the seller’s agent thinks the bank might accept – rather than the amount the bank has actually agreed to accept.
However, if the bank hasn’t actually approved the short sale yet at the time of your offer, implementing a deadline will be useless as it may take several months just for the seller to reach a short sale agreement with the lender.
One advantage to both the bank and the seller is that unlike a bank-owned property, a short sale property is less likely to be trashed or ransacked.
For the seller to increase the odds of the bank going through with the short sale, he or she may try to convince you to up your purchase price.
Unlike in a foreclosure, the bank does not own the property in a short sale.
If the seller has not actually gone into default yet, the bank may not be interested in doing a short sale.
However, because the bank must approve the sale (because it is the lender, not the seller, who will be taking a loss on the property) it will seem like the buyer is purchasing the property from the bank.
The bank may also not be interested in a short sale if it thinks it can get more money by going into foreclosure.
It takes a considerable amount of time and convincing to get a bank to agree to a short sale, so if it hasn’t agreed already, don’t waste your time.
The timeline and specifics do vary from state to state, but having done short sales all over the country, I have seen banks postpone a foreclosure to work a short sale option as close as 30 days prior to the scheduled foreclosure auction, but the longer you wait the less chance you have.
Not only could you be liable for the difference to the bank, but in some situations you could also be liable to the IRS! Although there are exemptions (mostly for principle residences) under the Mortgage Debt Forgiveness Act, there are times when you could be taxed on both a short sale and a foreclosure, even in a principle residence situation.
"Banks would rather perform a short sale than a foreclosure any day." That statement is not really true – per a Bank of America Vice-President.
While it is true that short sales are "when a bank agrees to accept less than the total amount owed on a mortgage", in an actual short sale, the owners have not defaulted on the loan.
The closer a property gets to a foreclosure the harder it is to convince the bank to perform a short sale.
A foreclosure takes a long time and creates a huge expense for the banks; a short sale saves both time and money.
He has worked with several major lenders to help them develop processes to streamline their short sale and loan modification processes, and has been a Regional Top producer in his area for the last three years and was recently acknowledged by Realty Alliance for being in the top 5% of realtors in North America.
My question; should I continue to pay the mortgage or is foreclosure an option, I don’t qualify for short sale because I received life insurance (without it I could not pay the existing mortgage).
For the most part just because you received a foreclosure notice or notice of default it does not mean that you do not have time to perform a short sale.
if my house is in foreclosure, can a family member buy my house in a short sale?I have an attorney.
A short sale is when a bank agrees to accept less than the total amount owed on a mortgage to avoid having to foreclose on the property.
He stated that I would have to wait three years for short sale and for foreclosure.
All the banks I deal with say bank regs won’t let you purchase another home for 3 years after the transfer date of the home you did a short sale on.
8.) I have already been sent a foreclosure notice so I can’t perform a short sale.
Short Sale or Foreclosure = 3 years until client is eligible for purchase.
Banks would rather perform a short sale than a foreclosure any day.
Banks actually end up benefiting in a foreclosure over a short sale.
Waiting too long can trigger the ramifications of a foreclosure, losing the ability to do a short sale as a viable option.
As they get closer to a foreclosure sale more money is spent, thus deterring them from doing a short sale.
If you got denied for a modification you can still apply for a short sale; in some cases you can get a short sale approved faster than a loan modification, as some loan modifications are denied because they cannot reduce the loan low enough based on the consumers income.
Qualifying for a short sale is easier than you think, you need to have a true financial hardship, or a change in your finances and your house has to be worth less than what you owe on it.
Very useful information and great blog! On a side note, I have had a short sale where the homeowners were current on their mortgage, it was a different situation though.
Brandon has been involved in over 400 short sales, and is the co-author of the SSC (Short Sale Certified) designation.
We thought that a short sale was better than a foreclosure but apparently not.
At this time, the house is listed for sale as a short sale.
10.) If I go through a short sale I cannot buy another house for a long time.
The only potential cost you could incur is if the bank would not release you from a deficiency balance in the short sale, which is happening less and less now.
It is important to understand that not all lenders will accept short sales or discounted payoffs, and not all Sellers will qualify for a short sale.  Yes, there is a qualification process.  In most short sale cases, the Seller must have a proven hardship and must owe more to the bank that what the home is currently worth.  It is not enough to simply say that you can not sell your home for what you owe.  It is not enough to say that you want to move to a bigger home and that the market isn’t good enough for you to get a Buyer.  It is not enough to say "Hey, I made a bad purchase, so let’s just dump this home".  Rather, there must be some sort of extenuating circumstance that is preventing you from selling the home and completely paying off the entire debt.  Additionally, you must also show that the current circumstances have affected your ability to continue making timely mortgage payments.
Why would anyone agree to do this?  The foreclosure process can be very lengthy and costly for the bank.  It can also be very frustrating and emotionally draining for the Seller.  Many home owners who can no longer afford to keep mortgage payments current find that a short sale is the best alternative to bankruptcy or foreclosure proceedings.  It may also possibly save their credit from total disaster.  When lenders agree to a short sale in real estate, they are betting that they can avoid a lengthy and costly foreclosure process.
While considering a short sale, sellers are always advised to seek sound advice from an attorney and/or CPA.  However, in any case, it it is imperative to contact a real estate professional immediately.  A Realtor who is trained in obtaining short payoffs will be able to lead a seller through the long process of gathering information, submitting the short sale request, listing the home, procuring and negotiating a bona fide sales contract… AND communicating that offer to the lender.
So, before bidding on a short sale listing, you need to inquire with the seller or listing agent as to how they arrived at the listed price.  Is it the fair market value of the home? Is it a shorted payoff amount that the lender will accept, or is it an estimate of what the borrower and/or Realtor hope the lender will accept? Is this loan part of the new HAFA program?  Many questions, so little time.
In most cases, a short sale, regardless of the consequences, is still a better route than simply letting your home go into foreclosure.  But do keep in mind, even if you give the keys back to your lender and allow them to foreclose, there is a liklihood that the lender may still pursue a course of action against you, the seller, for any loss they may have incurred, depending upon the program for which you qualify.  If you are going to do something, and if a short sale is a viable alternative, a short sale is almost always the best option.  If nothing else, the bank will sustain a smaller loss in a short sale than in a foreclosure, thus reducing your potential liability.
If you are already behind on your payments, there is no time to waste.  In fact, if you are already behind, we hope that you have already contacted your lender or mortgage servicer to see if ‘something’ can be worked out.  Many lenders would rather renegotiate the terms of your debt, than to write off a loss.  We HIGHLY recommend that all sellers in this situation first try a modification on their mortgage, as we are now seeing this to be the first requirement under several short sale programs including FHA and HAFA.
Sellers often ask which is better… a Short Sale or a Foreclosure?  Well, that depends, and it will always depend.  More often than not, a short sale is going to be ‘better’ because the consequences will be less severe than a foreclosure.  However, each situation is different, each Seller’s needs are different, and each bank is different.  Regardless, there may still be credit, legal and tax consequences with both short sales AND foreclosures.
Once the servicer receives and responds to your request, you have 14 days to respond to them.  As part of this new program, the servicer will begin their due dilligence process immediately.  Remember, in a standard short sale, the lender rarely does anything until an offer is received on the property.  Additionally, the lender or servicer won’t even give you an idea as to what price they will accept.
If you see a home that is ‘listed’ as a short sale, the list price you see may or may not be the price at which you can purchase the home.  I know this may sound strange… why can’t you purchase a home for the asking price?  Many times, the seller or "Realtor’ does not know at what value the lender will accept by the time the home is initially on the market.
There are a few short sale programs which do require a seller to be at least 30 days behind, and some require 60 days late.  If your mortgage is backed by HUD or the VA, then you will be required to be late.  Additionally, if you take advantage of the HAFA short sale program, you must also be delinquent.
In cases when a seller may have significant cash reserves, the lender may require a cash contribution or promissory note to mitigate their losses.  It would stand to reason that if you can not afford your mortgage and if you can not sell your home for the complete balance, then how in the world could you afford to bring money to the closing table?  Yep, we think that too!  However, you would be surprised at the resourcefulness of parties involved in short sales.  Just when you think there is no way, somehow, a way becomes clear.
Remember, however, that most times, lenders will discount off the market value and not off the value that is owed.  So, a 10% discount off market value is definitely a deal because it could be 50% of what the Seller originally paid.  You may not be able to buy a short sale and step into an equity position immediately, but it may open up the door to a home that you might not otherwise have been able to afford a few years ago.
If you are lucky enough to qualify for a short sale under the Home Affordable Foreclosure Alternatives Program (HAFA) you will be fully released of further debt repayment obligations.  However, not everyone qualifies for the program – especially those Sellers who make too much money, have considerable assets or are not behind on payments.  FHA also sponsors a pre-forclosure program which eliminates the debt repayment obligations.
A lender is unlikely to agree to a short sale unless the seller has no equity and is unable to repay the difference between your sales price and the existing loans.
Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it.
Be aware that the seller need not be in default — to have stopped making mortgage payments — before a lender will consider a short sale.
A short sale means the seller’s lender is accepting a discounted payoff to release an existing mortgage.
A lender may consider a short sale if the seller is current but the value has fallen.
In a short sale, the seller typically receives no money because the lender is losing money.
Once the seller has accepted your offer, the listing agent will it to the lender for approval.

By the time a preforeclosure home is listed by a real estate agent as a short sale, the home will most likely be sold at market value.
Another angle is to try to buy a preforeclosure as a short sale prior to the seller listing with a real estate agent.
Some sellers can be current and still do a short sale, so sellers who are current would never really fall into the preforeclosure radar to start with.
Some astute buyers would prefer to negotiate with the seller before the home becomes a short sale.

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